Two facts are fundamental to the establishment of economics...

Two facts are fundamental to the establishment of economics. They are

1. Economic training is scarce and

2. Human desires are infinite

The fundamental problem of the economy is the lack of leverage and choice. This is because the leachates on planet Earth are insufficient to produce the products and services that humans need to satisfy their unlimited needs. Economics, therefore, examines how human beings can use these scarce resources to satisfy their unlimited needs through choice.

As individuals, families, and as a country, we face a difficult choice of how to meet our infinite needs with scarce resources. Choices are, therefore, central to the decisions of everyone involved in the economy. Economists also examine how these choices are made in different situations, and after evaluating the results against the criteria of efficiency, equity and stability, they identify economic institutions that have the capacity to produce and distribute high-quality goods to improve people's lives they want to.

The learning economy is derived from experientially acquired knowledge. The main difference between this and economies of scale or economies of scope is that it is not related in the same way to production levels: not to produce more quantities or wider portfolios, but to be a true expert from a certain field'. e, producing a larger cumulative amount of the same product. However, this differs from growth economies in that learning economies do not stop at a certain level, and continue to improve efficiency.

A well-known example of this that is often cited is Japan, which has been the market leader in technologically demanding devices such as TVs and audio equipment since the 1980s. How knowledge from the learning economy often diffuses from the employed firm, leading to clusters of knowledge-rich firms often located in relatively small areas.

DETAILS OF ECONOMICS

The field and scope of Economics is increasing from time to time. They are also being covered in a variety of topics and issues. In recent times, many new fields have been added such as Development Economics, Industrial Economics, Transportation Economics, Environmental Economics, Institutional Economics and the like. However, the foundation of modern economics is made up of two main branches. They are;- Macro economics and Micro Economics. This shows us that economics can be analyzed at the individual level and at the collective level.